Calif. Bank Execs Duck Securities Class Action

Law360, New York (May 17, 2011, 8:23 PM EDT) -- Former executives and directors of UCBH Holdings Inc. won their bid Tuesday to ditch a putative securities class action in California alleging they overvalued mortgage-backed loans before a subsidiary bank's collapse, but the investor plaintiffs may still amend their claims.

U.S. District Judge Jeffrey S. White dismissed the consolidated amended complaint, finding that while the investors had sufficiently alleged the materiality of the leadership's purported misstatements about United Commercial Bank's financial health, they had failed to bring enough specific allegations to back up their claim that...
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Case Information

Case Title

Zhu v. UCBH Holdings, Inc. et al

Case Number



California Northern

Nature of Suit

Other Statutory Actions


Jeffrey S. White

Date Filed

September 11, 2009


Government Agencies

UK Financial Services

UK Financial Services

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